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Stupidest thing I've ever heard. Man, people just get so focused on their own narrow ideological view that they can't see the big picture. He downplays the most important phrase in the whole essay: "investors are afraid of a prolonged depression". And damn well they should be. As should the rest of us - very afraid! He (and the investors he refers to) toss off that prospect like, oh, yeah, boo hoo hoo - we should all just let the market play itself out, if a depression comes so be it, and we'll all be better off for it on the other side. But a) I doubt very highly that we'd come out of it on the other side anywhere near to as good as we are now, and b) they never give any thought to the actual social consequences of that kind of policy. Let me tell you, if the government does nothing, lets foreclosures just run their course, and lets the banking system collapse it will destroy this country. Tens of millions of jobs will disappear, tens of millions of people will be homeless and/or in poverty. Crime will skyrocket. And the risks of the country descending into either anarchy, revolution, or embracing right-wing totalitarianism in a misguided effort to restore "safety" will be tremendous. Duh. Use your head, people! God I'm so tired of jaded rich people dishing out their out-of-touch laissez faire B.S. It's primarily the fault of laissez faire government policies that we're in this situation in the first place! |